Posted on 03/11/2020 11:55:41 AM PDT by 11th_VA
Well if you are one of those fortunate few it will be a gift although I fail to see How the hell moving the tax deadline helps or hurts the stupid virus issue.
IF your company is on limited hours due to virus—or your bookkeeping/accounting staff is reduced by current events, or your CPA cannot do everything last minute, it does help.
Penalties can be fierce—especially for a small business.
I was self-employed s a bookkeeper. Had 19 clients at height of business in So Calif. IF I were still there, I would be VERY careful about going in & out of client locations & would be asking many of them to just drop off work at MY HOME, instead of going into places with many other people. With foot traffic as a business, no one can keep rack of who is coming or going. Single, lived alone, and would have been in a bind if I got sick.
You might have 10-30 employees, but only one or two are working on bookkeeping and prep for financials to CPA.
Most state returns require a copy of the Federal return to be attached.
States will have a big problem with this-—especially California & New York.
Take that, sanctuary states !!!
EVERY self-employed person is a quarterly payer....must deposit at least 90% of your prior year’s taxes owed & pay it in quarterly payments, unless you pay it all in first quarter. Self-Employed also have to pay both halves of FICA & Medicare...15.3 % .
IF you are getting a W-2, you should be eligible for unemployment.
Not on 1099.
Nah, it means they won’t be wrapping up in April and closing down for the next nine months. :^)
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